How much did US private companies raise in September 2025?
873 companies reported raises totalling $14.2bn on SEC Form D in September 2025. Real estate was the largest sector at $4.3bn, and CA the largest state at $3.3bn. Amounts are as reported by the issuers; pooled funds are excluded.
Which industries raised the most?
Real estate led with $4.3bn across 169 raises. Industries follow the SEC's own groups, folded into 7 buckets.
| Industry | Raises | Total | Share |
|---|---|---|---|
| Real estate | 169 | $4.3bn | 30% |
| Other | 190 | $3.5bn | 25% |
| Technology | 260 | $3.4bn | 24% |
| Finance | 60 | $1.4bn | 10% |
| Health | 100 | $837m | 6% |
| Consumer & industrial | 64 | $431m | 3% |
| Energy | 30 | $259m | 2% |
What were the largest raises?
The 25 largest filings of the month, with the issuer's own SEC record linked where the filing index is known.
| Company | Where | Industry | Date | Amount |
|---|---|---|---|---|
| GW Ontario LLC | Weston, FL | Real estate | 15 Sep 2025 | $2.2bn |
| Forward Industries, Inc. | Hauppauge, NY | Other | 10 Sep 2025 | $1.6bn |
| Databricks, Inc. | San Francisco, CA | Technology | 8 Sep 2025 | $955m |
| PACIFIC LIFE INSURANCE CO | Newport Beach, CA | Finance | 11 Sep 2025 | $717m |
| Apostolic Church of God-Childersburg | Childersburg, AL | Other | 30 Sep 2025 | $500m |
| Stoke Space Technologies, Inc. | Kent, WA | Technology | 23 Sep 2025 | $410m |
| BETA Technologies, Inc. | South Burlington, VT | Technology | 3 Sep 2025 | $300m |
| Eightco Holdings Inc. | Easton, PA | Technology | 9 Sep 2025 | $270m |
| JLLX Diversified 10, DST | Chicago, IL | Real estate | 17 Sep 2025 | $255m |
| Blue Owl Real Estate Exchange IV DST | Chicago, IL | Real estate | 18 Sep 2025 | $232m |
| CleanCore Solutions, Inc. | Omaha, NE | Other | 5 Sep 2025 | $175m |
| SKYRYSE, INC. | El Segundo, CA | Other | 16 Sep 2025 | $167m |
| HREX 8, DST | Houston, TX | Real estate | 22 Sep 2025 | $145m |
| GS Finance Corp. | New York, NY | Finance | 3 Sep 2025 | $126m |
| Star Therapeutics LLC | South San Francisco, CA | Other | 22 Sep 2025 | $125m |
| Pelage Pharmaceuticals, Inc. | Los Angeles, CA | Health | 18 Sep 2025 | $120m |
| Weatherford Capital Sports LLC | Tampa, FL | Finance | 18 Sep 2025 | $109m |
| JLLX Glendale Distribution Center, DST | Chicago, IL | Real estate | 9 Sep 2025 | $94.7m |
| ADREX Signature Series DST | Denver, CO | Real estate | 2 Sep 2025 | $90.5m |
| Spotter, Inc. | Culver City, CA | Other | 15 Sep 2025 | $89.1m |
| Auterion Group Inc. | Arlington, VA | Technology | 17 Sep 2025 | $87.7m |
| Blue Current, Inc. | Hayward, CA | Technology | 22 Sep 2025 | $81m |
| Dewpoint Therapeutics, Inc. | Boston, MA | Health | 9 Sep 2025 | $77.2m |
| Collective 168, LLC | Lehi, UT | Real estate | 30 Sep 2025 | $74m |
| BR Diversified Industrial Portfolio 6, DST | New York, NY | Real estate | 3 Sep 2025 | $71m |
Which states raised the most?
CA led with $3.3bn across 134 raises.
| State | Raises | Total |
|---|---|---|
| CA | 134 | $3.3bn |
| NY | 87 | $2.6bn |
| FL | 52 | $2.5bn |
| IL | 24 | $706m |
| TX | 90 | $655m |
| AL | 7 | $574m |
| WA | 18 | $504m |
| MA | 42 | $455m |
| PA | 22 | $320m |
| VT | 16 | $304m |
| NE | 2 | $175m |
| VA | 21 | $175m |
| AZ | 25 | $157m |
| CO | 27 | $155m |
| UT | 15 | $131m |
| DC | 10 | $127m |
| NC | 29 | $117m |
| NV | 8 | $117m |
| OH | 17 | $102m |
| IN | 11 | $92.1m |
| TN | 17 | $87.5m |
| GA | 22 | $85.7m |
| OR | 9 | $77.9m |
| DE | 24 | $72.6m |
| MI | 14 | $53.2m |